SCHEDULE 16 Prohibitions and Restrictions imposed by F1OFFICE OF FAIR TRADING
Preliminary
1
In this Schedule—
“appeal period” has the same meaning as in the M1Consumer Credit Act 1974;
“prohibition” means a consumer credit prohibition under section 203;
“restriction” means a restriction under section 204.
Notice of prohibition or restriction
2
(1)
This paragraph applies if the F2OFT proposes, in relation to a firm—
(a)
to impose a prohibition;
(b)
to impose a restriction; or
(c)
to vary a restriction otherwise than with the agreement of the firm.
(2)
The F2OFT must by notice—
(b)
invite the firm to submit representations in accordance with paragraph 4.
(3)
(4)
A prohibition, restriction or variation is not to come into force before the end of the appeal period.
(5)
If the F2OFT imposes a prohibition or restriction or varies a restriction, F4the OFT must serve a copy of the prohibition, restriction or variation—
(a)
on the Authority; and
(b)
on the firm’s home state regulator.
Application to revoke prohibition or restriction
3
(1)
This paragraph applies if the F5OFT proposes to refuse an application made by a firm for the revocation of a prohibition or restriction.
(2)
The F5OFT must by notice—
(a)
inform the firm of the proposed refusal, stating F6its reasons; and
(b)
invite the firm to submit representations in accordance with paragraph 4.
Representations to F7OFT
4
(1)
If this paragraph applies to an invitation to submit representations, the F8OFT must invite the firm, within 21 days after the notice containing the invitation is given to it or such longer period as F9the OFT may allow—
(a)
to submit its representations in writing to F10the OFT; and
(b)
to give notice to F10the OFT, if the firm thinks fit, that it wishes to make representations orally.
(2)
If notice is given under sub-paragraph (1)(b), the F8OFT must arrange for the oral representations to be heard.
(3)
Appeals
5
Section 41 of the M2Consumer Credit Act 1974 (appeals to the Secretary of State) has effect as if—
(a)
the following determinations were mentioned in column 1 of the table set out at the end of that section—
(i)
imposition of a prohibition or restriction or the variation of a restriction; and
(ii)
refusal of an application for the revocation of a prohibition or restriction; and
(b)
the firm concerned were mentioned in column 2 of that table in relation to those determinations.